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Wells Fargo Retirement announced that it has added Prudential IncomeFlex®, an in-plan guaranteed income innovation, to the retirement income products it makes available to retirement plan sponsors. Companies that want to offer employees a way to generate a guaranteed lifetime income stream in retirement through their 401(k) plan can now add IncomeFlex to their investment lineup.
“Retirement income is the natural evolution of retirement planning,” said Joe Ready, director of Wells Fargo Institutional Retirement and Trust. “Participants know they need to save a target amount by the time they retire, but it doesn’t stop there; they need help converting their nest egg to a steady stream of income they can’t outlive.”
Wells Fargo Retirement is building a suite of retirement income solutions to offer plan sponsors and IncomeFlex is a complement to existing products and services. Should a sponsor elect to provide a guaranteed lifetime income solution within an employer-sponsored retirement plan, 401(k) participants can benefit from a traditional pension-like benefit built into their defined contribution plan. With IncomeFlex, participants incrementally build guaranteed income for their retirement years. IncomeFlex accomplishes this by providing participants with: guaranteed lifetime income, sustained potential for growth, downside protection for retirement income and complete access to their market value (for themselves and their heirs).
“Offering an array of retirement income services is the direction the industry is heading,” said Ready. “This type of innovation is important as people look for help generating an income stream in retirement that will last a lifetime. Our research tells us that people are looking to their employers to offer a lifetime income option in retirement accounts. This product offers us another opportunity to consult with our clients and help them select the option best suited for their unique needs so they can help their participants generate a monthly paycheck in retirement.”
“Our decision to use Prudential’s IncomeFlex product is a result of an extensive review and selection process that also took into consideration Prudential’s leadership position and expertise in the guaranteed income space, evident in a market where their solution is already available in over 7,000 defined contribution plans,” added Ready.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
About Wells Fargo Institutional Retirement and Trust
Wells Fargo Institutional Retirement and Trust is a national leader in providing total retirement management, investments and trust and custody solutions tailored to meet the needs of institutional clients. Wells Fargo ranks seventh in the number of plan participants in the 2012 PLANSPONSOR Magazine Recordkeeping survey, with 3.7 million retirement plan participants, and administers $265.7 billion in retirement plan assets (as of 12/31/12).
About Prudential Retirement
Prudential Retirement delivers retirement plan solutions for public, private and non-profit organizations. Services include state-of-the-art record keeping, administrative services, investment management, comprehensive employee investment education and communications, and trustee services. With over 85 years of retirement experience, Prudential Retirement helps meet the needs of nearly 3.6 million participants and annuitants. Prudential Retirement has $289.8 billion in retirement account values as of December 31, 2012.
About Prudential Financial
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $1.060 trillion of assets under management as of December 31, 2012, has operations in the United States, Asia, Europe and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century.
Guaranteed income benefit is provided through group variable annuity contracts issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT. Guarantees are based on the claims-paying ability of the insurance company and are subject to certain limitations, terms and conditions.
Wells Fargo Bank N.A. is not affiliated with Prudential Financial, Inc.